Hess AG: Change of Managing Director

(PresseBox) ( Villingen-Schwenningen, )
- By presenting a restructuring concept Managing Director Dr Till Becker considers his task as completed and resigns from office
- Dr Becker will be available as consultant for possible M&A process
- Andreas R. Budde appointed as new Managing Director

By presenting the first restructuring and redevelopment process Managing Director Dr Till Becker considers his task as completed. He was appointed to prepare and initiate a consistent reorganisation of Hess Group. He worked at high-pressure on a reorganisation concept since 21st January, 2013. This concept provides a solid foundation for further work and in the meantime was passed on by Dr Becker to the renowned and highly experienced temporary insolvency administrator Dr Volker Grub. As of 21st January, 2013, Dr Till Becker served as sole Managing Director of Hess AG and resigned from office during yesterday's meeting of the Supervisory Board. After having conducted numerous conversations with interested investors Becker will accompany the temporary insolvency administrator as well as the company as consultant during a tender.

Temporary insolvency administrator Dr Volker Grub thanked Dr. Becker for his committed dedication. "In an exceptional situation Dr Becker did an excellent job and presented a detailed first restructuring concept. We are therefore all the more delighted that he is available to us as consultant for a possible M&A process in the future".

Dr Grub appears to be cautiously optimistic with regards to a possible M&A process: "Hess is a worldwide well-known medium-sized business with a good position in the market. All of us think the company has deserved a second chance".

Mr Andreas R. Budde was formally appointed as sole Managing Director of Hess AG by the Supervisory Board in its yesterday's meeting.
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